§ 29222 Bond Cancellation Procedures

• •When old debt papers (like bonds or notes) are paid off, they must be marked as canceled.
• •The person in charge of money (chief financial officer) has to write 'Canceled' on them, along with the amount paid and the date.
• •This rule starts on January 1, 2025.

Imagine you borrowed money from a friend and wrote them an IOU. When you pay them back, they write 'Paid' on the IOU so no one can use it again.

This law is like that, but for big money papers like bonds. Once paid, they get marked 'Canceled' so everyone knows the debt is done.